Oman and Iran, facing each other in the Strait of Hormuz
The Thursday session on Wall Street ended with symbolic gains (+0.1%) thanks to reports that Oman and Iran, facing each other in the Strait of Hormuz, are working on a flow protocol through this waterway.
On Friday we learned data from the U.S. labor market – according to the Department of Labor, the number of non‑farm payroll employees (NFP) rose by 178,000, far exceeding expectations of 65,000.
In the decline of 133,000, February estimates were revised, largely due to weather conditions and strikes. The unemployment rate in March unexpectedly fell from 4.4% to 4.3%.
This was a positive surprise and suggests that the U.S. labor market is currently in a good position to face economic challenges arising from the Middle East conflict. On Monday, a key reading was the U.S. ISM services index – it was 54.0 points versus a consensus of 54.8 and March’s reading of 56.1.
Additionally, OPEC+ countries agreed on Sunday to a slight increase in oil production, i.e., 206,000 barrels per day from May. Thus, despite further Trump threats regarding possible attacks on Iran’s energy infrastructure, U.S. indices recorded modest gains during Monday’s session (+0.4% to +0.6%).
During the holiday break, many new pieces of information emerged that could affect the valuation of assets and commodities, including crude oil. Israel announced that it bombed the largest petrochemical plant in Iran on Monday.
Iran responded with drone and rocket attacks on petrochemical plants in Kuwait, Bahrain, and the United Arab Emirates. Yesterday, the impact of this information was small (Brent oil +0.8%) due to a session‑free day on most European exchanges.
Only today’s trading may bring larger changes. This morning, Brent oil is around 111 USD/barrel (+1.4%). Moreover, investors may be cautious regarding Trump’s looming ultimatum about opening the Strait of Hormuz, noting that it had already been postponed by Trump.
WIG20 and mWIG40
Develia 1Q’25 Results Revenue was 761.3 million PLN (+1% y/y and +2.5% vs expectations). EBIT was 175.1 million PLN (-13% y/y but +21% above expectations), and net profit per share was 136.4 million PLN (-17% y/y and +19.1% vs consensus).
Develia Acquisition of real estate Develia entered into a preliminary agreement with Gdansk Development Holding N.V., created by two Belgian developers: Alides and Revive, to acquire 100% of Stocznia Cesarska Development, a perpetual user of the property comprising the former Stocznia Cesarska in Gdańsk. The transaction value is about 550 million PLN and will consist of share value and repayment of loans taken by Stocznia Cesarska Development. After the transaction is finalized, Develia plans to realize a multifunctional project on Stocznia Cesarska’s sites, including at least 3,000 apartments and additional commercial spaces. Investment implementation may begin in 2027.
Dino Polska Store openings in 1Q Dino Polska opened 62 new stores from January to the end of March 2026. By the end of March the network had 3,094 stores versus 2,746 a year earlier. The sales floor area of Dino stores was 1,225.1 thousand m² versus 1,084.5 thousand m² a year ago.
Dom Development Sales in 1Q Group Dom Development sold 1,161 units net (+12% y/y) and delivered 1,273 units (+29% y/y).
GPW March turnover
• Total share turnover on the Main Market of the Warsaw Stock Exchange in March 2026 was a record 57.9 billion PLN, an increase of 26% y/y.
• Total derivative instrument volume in March was 2.4 million units, an increase of 19.4% y/y.
• Total electricity market volume on spot and futures markets in March was 15.8 TWh, an increase of 34.4% y/y.
• Total natural gas volume increased by 13% y/y, reaching 16.4 TWh.
Pracuj.pl Board conference after results
• Pracuj Group expects an average single‑digit revenue growth in recruitment services and MRR in the SaaS area in the coming quarters.
• It aims to maintain a 45% adjusted EBITDA margin for the entire year.
• The group currently sees no impact of the Middle East war on the market.
• "AI will drive our growth and we do not see it as a threat to our recruitment services and software area," said the president. The board expects changes in the way employers and candidates connect, more frequent searching and applying for job offers using AI tools.
• Pracuj Group estimates that acquisition opportunities in the market are currently limited and that to change this, private company valuations need to be aligned with public ones.
Text Estimated 1Q’26 Results Text estimates that in the fourth quarter of the 2025/26 fiscal year (January‑March 2026) the group’s monthly recurring subscription revenue (MRR) was 6.93 million USD (-2.7% y/y and -0.7% q/q). The ARR was 83.12 million USD. Estimated received payments were 22.56 million USD, a 0.4% y/y increase and 3.1% q/q increase.
XTB NWZ XTB motivational program, convened on May 8, will decide on creating a motivational program for all employees and authorizing the board to acquire treasury shares under the MRT program for 2025 settlement. The program, for the best employees of the company, its branches, and best employees of its subsidiaries, assumes an additional bonus in treasury shares for 25% of employees who achieve the highest average annual performance rating. The condition for awarding the bonus is achieving a minimum consolidated net profit target of 70%.
SWIG80 and others
Answear Board conference after results
• In Q4 2025 marketing costs were 118.7 million PLN, compared to 60‑80 million PLN quarterly in previous quarters. The increase reflects a large autumn TV advertising campaign. The company stated in its presentation that in future quarters it plans to reduce these expenses through optimization and growing business scale.
• "Since March we are very satisfied, the first two months of the year were lower because they were relatively flat year‑on‑year," said the company president.
• Answear especially expects improved sales in the second half of the year: "The first half should be flatter due to a high base, and we can expect larger growth in the second half, but to aim for a double‑digit level for the whole year."
Artifex Mundi March revenue Artifex Mundi estimates that in March 2026 it had 8.6 million PLN in sales revenue, an increase of 14% versus February of that year. First margin rose in March to 4.4 million PLN from 3.7 million PLN in February, i.e., 18% more.
Best Board comment on results • Best Capital Group wants to significantly increase investments in debt portfolios in 2026 – said president Krzysztof Borusowski.
• Total amount invested by Best GK in 2025 was over 590 million PLN (87% more than 2024), and the total nominal value of 39 acquired debt portfolios exceeded 2.1 billion PLN.
• The group still plans to enter new foreign markets, but for now focuses on improving in Italy. President Borusowski points out that the group's technology work will enable the company to enter new markets.
• The company in its current growth phase is unlikely to pay dividends.
• "We have institutional investors in our shareholder base and it is no secret that one of the investors will plan its exit at a convenient time. Over time our free‑float should improve significantly and we will want to change the company’s character to much more open than it has been so far."
• "We consistently reduce the group’s financing costs through systematic buy‑backs of older bond series, especially those issued by Kredyt Inkaso. Last year we bought bonds worth almost 194 million PLN, mostly before maturity. At the same time we issued new bonds worth almost 205 million PLN on much more favorable terms," said Vice‑President Best Marek Kucner.
Creotech Instruments The split of Creotech Instruments completed the process of splitting into two independent companies. On Wednesday the register court entered an increase of Creotech Quantum’s share capital into the KRS, formally finalizing the quantum segment spin‑off. Creotech Quantum’s debut on the Warsaw Stock Exchange is scheduled for April 17 2026. The announcement stated that the last session with the right to participate in the split is April 2 2026.
Farm 51 Bankruptcy announcement The Farm 51 Group, listed on NewConnect, filed for bankruptcy with a request to suspend its proceedings. The priority is to conduct a settlement approval proceeding.
Helio 3Q’25/26 revenue Helio estimates in the third quarter of the 2025/26 fiscal year (January‑March 2026) sales revenue at about 172 million PLN (+51% y/y).
Cogeneration Estimated 2025 result Cogeneration estimates that consolidated net profit in 2025 was about 277 million PLN, 31 million PLN higher than previously estimated. According to new estimates, consolidated EBITDA is about 579 million PLN, 36 million PLN higher than earlier estimates. "The net profit increase of 31 million PLN concerned the reserve for landfill rehabilitation and the inclusion of changes in technical and regulatory assumptions affecting the valuation of estimated costs at 17 million PLN, as a correction of a 2023 error. The second correction of 14 million PLN concerned the withdrawal of a reserve created for counterparty risk."
Lokum Developer 1Q sales Lokum Developer Group sold 51 units in Q1 2026 versus 31 units a year earlier. The group recognized 60 units during this period versus 14 units in the same period of the previous year.
Marvipol 1Q sales Marvipol Development sold 150 units in Q1 2026 with a total value of 103.6 million PLN. The number of units issued was 19, and their value was 17.9 million PLN.
Mostostal Warsaw Arbitration Mostostal Warsaw filed an arbitration request against GE Hydro France to the International Court of Arbitration of the International Chamber of Commerce. The company estimates the current claim value at 35 million USD.
Mostostal Warsaw Contract withdrawal The company Mostostal Warsaw withdrew on Thursday from the contract to design and build the Subcarpathian section of the S19 Domaradz–Iskrzynia (Krosno) expressway. The General Directorate of National Roads and Motorways deemed the action unjustified and announced legal steps. PTWP Estimated 2025 result.
PTWP Group estimates that in 2025 EBITDA rose to 25.7 million PLN from 9 million PLN a year earlier, while net profit rose to 19.3 million PLN from 2.8 million PLN. Estimated consolidated net profit attributable to the parent’s shareholders is 18.4 million PLN versus 3.3 million PLN a year earlier. The group generated net revenue of 132.5 million PLN, an increase of 29% y/y.
Quercus TFI Assets at the end of March Asset value under management by Quercus TFI at the end of March 2026 was 8,981.1 million PLN versus 9,470.9 million PLN at the end of February 2026.
Sanok Rubber Buyback of Sanok Rubber Company invites offers to sell up to 3,696,264 shares, representing no more than 13.75% of share capital and votes at the AGM. The proposed purchase price is 21.50 PLN per share.
Unibep New agreement Unibep signed a conditional agreement to implement a hotel project in a general contractor system with a commercial‑service part on Kolejowa Street in Wrocław. Unibep’s remuneration is 149 million PLN net.
Wittchen 1Q’26 revenue Wittchen estimates that in sales results for Q1 2026 there was an unfavorable impact of geopolitical events and the group estimates that it had 85.9 million PLN in revenue, a 8% y/y decline. The company was also hampered by a cold winter in January and February.
